The stock market closed mixed on Wednesday after Federal Reserve Chair Jerome Powell made comments at the ECB Forum on the possibility of consecutive rate hikes as the central bank tries to control inflation.
Overall, S&P 500 was flat at 4,377, while NASDAQ slightly grew 0.3% to 13,592.
Tweet of the Day
$META Citi
With Reels ad loads reaching 17% QTD (and 18% in June) per our proprietary tracking, and our view that the broader online advertising market is stable-to-improving based on our attendance at the Cannes- Lions Festival of Creativity last week, we are raising our ’24 ad…
— Kaushik (@BigBullCap) June 27, 2023
Chart of the Day
Here is the one-year chart of The Trade Desk (TTD) as of June 14, 2023, when the stock was at $77.
The Trade Desk is a cloud-based software platform which allows advertising executives to manage digital ad campaigns across different spectrums, such as TV or the Internet, utilizing real-time data. The company specializes in programmatic advertising, which uses computer programs to purchase ads geared to people who might be interested in buying a product.
The Trade Desk continues to grow nicely despite a sluggish ad industry. Management stated it continues to significantly outperform the digital advertising industry.
Last quarter, the company delivered 10% profit growth as revenue increased a respectable 21%. Video, specifically connected TV (CTV), was the largest driver of growth as ad agencies, brand clients, and streaming platforms continue to prioritize programmatic CTV.
TTD is a top holding in the Growth Portfolio. David Sharek, Founder of School of Hard Stocks, thinks this company has a bright future as targeted ads become more popular in video.
